News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • And the Monday Asia trading session has officially begun. A pair to have on your watch list to kick off early trade: $AUDUSD post head-and-shoulders' neckline (and 200-DMA) breakdown https://t.co/iuYqEN5xpv
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh88nOv https://t.co/DIP9cgoSUt
  • Here are the top scheduled event risks on my calendar for the coming week. Global PMIs, a few rate decisions, the Fed's bank stress test results, the Fed's favorite inflation indicator and a run of Fed speak among much more: https://t.co/3jIl4PvHiA
  • I know it is a cognitive bias, but it seems that every time I take a day off, there are significant market moves. Dow's tumbled into a 5th straight session Friday with 10-day correlation to Nasdaq most extreme negative in 4 years https://t.co/V3U6IOAEXz
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EST (12:30GMT) on DailyFX!! - lots to discuss on the back of last week's #Fed Fireworks! https://t.co/lxd5fZnn4H
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/l0j9vLrMIp
  • Markets Week Ahead: Gold, Dow, Pound-Dollar, BoE Rate Decision, Fed Risk, PMIs Check out my recap of last week and preview of upcoming event risk, plus all the latest forecasts from the @DailyFX team below. Link to Analysis - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/06/20/Markets-Week-Ahead-Gold-Dow-Pound-Dollar-BoE-Rate-Decision-Fed-Risk-PMIs.html $GLD $DJI $GBPUSD #Trading
  • Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine success. Learn about the three types of trading exit strategies here: https://t.co/muYkTNXH7s https://t.co/hbZPJmoOHe
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/C0i7u1dDKL
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/Q69HKBXeKH
CAD Falls on CPI, AUD May Gap Lower as Euro Price Risks Reversal

CAD Falls on CPI, AUD May Gap Lower as Euro Price Risks Reversal

Daniel Dubrovsky, Strategist

Asia Pacific Market Open – Canada CPI, Brexit Latest, Australian Dollar, Euro

We released our 4Q forecasts for the Euro in the DailyFX Trading Guides page

The Canadian Dollar underperformed against its major counterparts Friday following a softer-than-expected local inflation report. Canada’s headline CPI rate clocked in at 2.2% y/y in September versus 2.7% anticipated which was its weakest since May. This comes ahead of this week’s BoC rate decision. While rate hike bets were reduced, core inflation only ticked down to 1.9% from 2.0%.

Meanwhile the Euro edged cautiously higher verses its peers after welcoming remarks towards Italy from EU Commissioner Pierre Moscovici. He noted that members are engaged in ‘good dialogue’ with Italian government heads, adding that the EU won’t interfere in their economic policies. This was also a reversal of Thursday’s rather pessimistic tone which boded ill for the Euro.

One currency that saw sudden knee-jerk volatility was the British Pound, and it was fueled by the latest Brexit news. Reports crossed the wires that the nation was ready to drop a key Brexit demand on the Irish Border in order to ease a deal. Initially, GBP/USD rose aggressively. However, most gains were pared as this created a potential issue for UK Prime Minister Theresa May and her grip on power.

European and US benchmark stock indexes swung throughout their trading sessions on Friday, the S&P 500 and Euro Stoxx 50 finished the day -0.04% and -0.02% respectfully. The anti-risk Japanese Yen did weaken as S&P 500 futures cautiously rose heading into Wall Street market open. Afterwards, JPY held on to losses amidst the pullback in stocks.

As we begin this week’s trading session, political uncertainty poses as a risk for the Australian Dollar and it may gap lower. Australia’s Prime Minister Scott Morrison faced a by-election over the weekend which threatened his government’s slim majority. Meanwhile, Italy’s credit rating being downgraded to Baa3 by Moody’s during the final moments of last week risks hurting the Euro as well.

EUR/USD Technical Analysis

Gains in the Euro on Friday resulted in EUR/USD breaking above a near-term descending resistance line when zooming in on a 4-hour chart. In the event that the Moody’s update sinks the Euro in the coming session, the former support/resistance are between 1.15101 and 1.15264 may hold as the pair declines. Otherwise, a push above exposes 1.16104.

EUR/USD 4-Hour Chart

CAD Falls on CPI, AUD May Gap Lower as Euro Price Risks Reversal

Chart created in TradingView

What Else to Expect Ahead?

Australian Dollar Technical Outlook

US Trading Session

CAD Falls on CPI, AUD May Gap Lower as Euro Price Risks Reversal

Asia Pacific Trading Session

CAD Falls on CPI, AUD May Gap Lower as Euro Price Risks Reversal

** All times listed in GMT. See the full economic calendar here

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES